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Niko Kloeten
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SFO to appeal Capital + Merchant verdict

Wednesday 22nd of August 2012

Capital + Merchant directors Neal Nicholls and Wayne Douglas were found not guilty at a trial in July on charges related to the non-disclosure of alleged related party lending of about $14.4 million,  involving a Palmerston North development known as ‘The Hub Properties'.

However, the pair, together with fellow director Owen Tallentire, were found guilty following a second trial on separate charges involving fraudulent transactions valued at approximately $28 million that occurred between 2004 and 2006.

SFO chief executive Adam Feeley said that the decision to appeal had not been taken lightly.

"There are important points of law that have significance not only to this case, but also the ongoing finance company prosecutions.” said Mr Feeley.

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Latest Comments
FMA outlines its latest expectations for advisers
All things said are great aspirational goals for a great financial advice industry, it mirrors what both the legislation and the code requires. However, like most things discussed it talks about what's expected not how it's done. The hardest aspect of financial advice today isn't what it is, it is how it is done. The how only comes from those that have done it, the how is only provided with examples. Guidance documents that spell out what's required along side how it it done. We’re still dealing with the same issues we started with in 2021, figuring out the how. And figuring out the how in every advice business is consuming resources that could easily be shortcut by the FMA demonstrating what they are expecting. It's not about “do it this way” its about this is the sorts of things we’re looking for. In the absence of standards and expectations, guesswork prevails. That represents significant risk to FAPs and the result is onerous overcooked advice processes for multiple advice operations and undercooked she’ll be right for single operators focused on getting the work done. Both approaches have potential for harm and as its been said earlier, leaves advisers open to explain they haven't been speeding with the authorities have pulled them over. The advice industry needs guidance on the how we know the what already.
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Who is responsible for notifying policy changes?
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To correct errors in my previous post: "policies, templates, and controls" should read "policies, processes, systems and controls", and "is more conductive" should read "is more conducive".
2 days ago Paul Flood
FMA outlines its latest expectations for advisers
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2 days ago Paul Flood
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2 days ago agressively passive